Fifth District Survey of Manufacturing Activity: Average employee workweek: Future (increase vs decrease; diffusion index; percentage points; seasonally unadjusted) - United States - Richmond FED - Monthly
This series is part of the dataset: Fifth District Survey of Manufacturing Activity (Richmond FED)
Download Full Dataset (.xlsx)Latest updates. Based on firms' responses to the Fifth District Survey of Manufacturing Activity carried out by the Richmond FED, the seasonally unadjusted diffusion index for the average employee workweek (share of CEOs seeing a future increase minus share forecasting a decrease) stood at -3.0 in May 2022, versus 3.0 in April.
Sample. There are 259 observations overall in the monthly series shown in the figure above. The time range covered by the series extends from January 1993 to May 2022.
History. Here's a glimpse of a few summary statistics computed on the full sample: the diffusion index reached a trough of -13.0 in April 2020; it recorded a maximum of 27.0 in June 2020; it had a mean of 8.5.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2022-03-31 | 4.0 |
| 2022-04-30 | 3.0 |
| 2022-05-31 | -3.0 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will the average employee workweek increase or decrease over the next six months? |
| Country | United States |
| Economic concept | Business survey response |
| Data type | Leading indicator of the business cycle |
| Deflation method | Not applicable |
| Seasonally adjusted | No |
| Rescaling | None |
| Frequency | Monthly |
| Unit | Percentage points |
| Source | Federal Reserve Bank of Richmond |
| Source type | Central bank |
| Data licence | Not copyrightable under U.S. law |
| Measure type | Diffusion index (share of respondents reporting an increase minus share reporting a decrease) |